WeWork is worth 70% below where it last raised money

WeWork is worth just a fraction of where it was raising money in private markets, according to a widely followed valuation expert.

Aswath Damodaran, professor of finance at the Stern School of Business at NYU, who is sometimes called the “dean of valuation,” analyzed the start-up’s prospectus filed in August. Based on that pre-IPO paperwork, he said WeWork’s equity is worth $14 billion — about 70% below its latest private market valuation.

SoftBank’s last investment in WeWork at a $47 billion valuation has been challenged as it heads towards an initial public offering. Sources told CNBC’s David Faber last week that the valuation target for the real…